Aldermen call for transparency as Chicago wrestles with deficit over $1 billion – Center Square

The city’s chief financial officer, Jill Jaworski, discussed the cost of Illinois House Bill 3657, which Gov. JB Pritzker signed Aug. 1. The new law enhances Tier 2 pensions for Chicago police and firefighters. “Annual pension contributions will grow by $60 million starting in fiscal 2027 but will balloon over time, reaching an estimated $750 million by 2055. In total, we estimate the legislation will require $6.6 billion in additional contributions over the plan’s 30-year funding horizon,” Jaworski said.